BNY Mellon acquires WM business of Talon Asset Management
BNY Mellon says it has agreed to acquire Chicago-based Talon Asset Management’s wealth management operations, which have more than $800 million in assets under management.
BNY Mellon Wealth Management chief executive Lawrence Hughes said: “Both BNY Mellon and Talon share a strong commitment to client service and satisfaction and to delivering trusted guidance to help clients achieve their financial goals.”
“BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy. This transaction marks a significant step in the company’s growth in the region and will enable us to offer a whole new level of service to wealthy Chicago investors.”
Talon has positioned itself as one of the region’s key independent investment managers.
Terms of the deal have not been disclosed. However, when it does happen, probably by the second quarter of 2011, Talon staff will become part of BNY Mellon. It already has some 450 people working in the Chicago metropolitan area, including areas such as asset and treasury servicing.
Senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in the Chicago office.
The deal should result in Talon clients accessing broader global asset management opportunities, increased access to alternative investments, broader technology and reporting capabilities, and broader private banking and wealth planning services, the two companies state.
“This combination will enable us to greatly strengthen and diversify the products and services we deliver to our clients,” said Diamond. “And our clients will continue to benefit from the very best service and expertise that our team has delivered to them over the past 27 years.”
BNY Mellon Wealth Management is among the top 10 US wealth managers with $171 billion in private client assets and a global network of offices.